Illinois Compiled Statutes 805 ILCS 206/501 – Partner not co-owner of partnership property
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 805 ILCS 206/501
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.